Each Illinois household on the hook for $56K in government-worker retirement debt

By Ted Dabrowski, John Klingner
In 2010, the unfunded debt related to pensions and retiree health care costs for local and state government workers across Illinois was $203 billion, the equivalent of more than $43,000 per household. In just six years, the total debt Illinois households are on the hook for has jumped to $56,000, or 31 percent. That’s a $13,000 increase for each household. Total unfunded debt for state and local governments in Illinois now totals $267 billion.

TAGS: GARS: General Assembly Retirement System, JRS: Judges’ Retirement System, pensions, SERS: State Employee Retirement System, SURS: State Universities Retirement System, TRS: Teachers’ Retirement System

Illinois pension reform resurfaces

By Matt Paprocki
In December 2013, a pension reform bill passed out of the Illinois General Assembly. Sponsors of the bill estimated $160 billion in savings over the next 30 years, and supporters touted that the pension problem in Illinois was finally fixed. In fact, most of the dialogue throughout the Capitol was that the state-funded pension systems...

TAGS: 401(k), COGFA, defined benefit plans, GARS: General Assembly Retirement System, Illinois General Assembly, pensions